Magellan Health Services Inc. has awarded its five principal officers incentive stock options and rights to buy more shares if the Avon care outsource firm performs well, a regulatory filing shows.
Dr. Rene Lerer, chairman and chief executive officer, received options for 172,021 shares, according to an 8-K filing with the Securities and Exchange Commission.
President Karen S. Rohan got options for 68,729 shares. Chief Financial Officer Jonathan N. Rubin was awarded options on 47,784 shares; Daniel N. Gregoire, general counsel, 26,232 options; and Tina Blasi, president of Magellan’s National Imaging Associates Inc., got 34,046 options, the filing said.
The options carry an exercise price of $42.75 per share, and vest in three equal annual installments beginning on March 3, 2011.
Based on Magellan’s closing price Monday of $42.91, the options collectively are worth $55,753.
All five also received restricted stock grants totaling another 40,500 shares, if Magellan hits or exceeds target earnings of $2.50 a share this year, the filing said. Magellan earned $3.01 a share in 2009 and said it expects to earn between $2.73 and $3.29 a share this year.
